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jharsin
Oct 13, 2007, 07:58 PM
An adjusting entry made to record accrued interest on a note payable due next year consists of a debit made to

A. interest expense and a credit to cash
b. interest recievable and a credit to interest income
c,interest expense and a credit to notes payable
d.interest expense and a credit to interest payable

newlen5990
Oct 14, 2007, 04:47 AM
The debit is definitely interest expense, and the credit is to interest payable because it is not due until next year so D